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Quote of the Day
“Value is destroyed, not created, by any business that loses money over its lifetime.”
– Warren Buffett in 2001 in response to the tech bubble collapse.
February 16th – This Day in Stock Market History
February 16th, 1990 – Cisco System Inc. (Ticker: CSCO) has its initial public offering at $18 per share, or about $0.04 split and dividend adjusted today! Shares would rise 24% on the first day of trading, giving the company a market cap of about $270 million.
By the peak of the tech bubble Cisco stock rose over 165,000% from its IPO price.
On March 25th, 2000, Cisco would pass Microsoft to become the most valuable public company in the world, with a market cap of $579 Billion.
Shares have never recovered their tech bubble highs. See our chart below in our ‘Chart of the Day Section’:
Best February 16th in Dow Jones Industrial Average History:
1932 – Up 4.34%, 3.57 points.
Worst February 16th in Dow Jones Industrial Average History:
1993 – Down 2.44%, 82.94 points.
Chart of the Day
Even buy and hold has its limitations when you buy at astronomical prices. Cisco is still a long ways off from its highs 20 years ago:
<– Go To Previous Day: February 15th: 1955 – Berkshire Fine Spinning Associates acquires Hathaway Manufacturing Company.
Go To Next Day: February 17th: 1977 – Blue Chip Stamps purchases Buffalo Evening Newspaper –>
